Dubai's Arabtec wins $197m contract in Jordan

Arabtec, the contractor part-owned by Abu Dhabi state fund Aabar, has won a $197m contract to build a hotel and residential project in Jordan, the company has said.

The contractor will build three 17-storey buildings in Amman, which include one St Regis Hotel tower and two other residential towers. The project was awarded by Abu Dhabi developer Al Maabar, Arabtec said in a statement on Dubai's bourse.

Work on the project will commence in July and will take 33 months for completion, it said.

Arabtec has won a series of projects after replacing its chief executive in February amid a management shake-up led by Aabar, which has tightened its grip on the group.

Its subsidiary won a $108m contract to build a hospital in Saudi Arabia on Saturday.